Oil just crashed back under $30

Why? — because chatter surrounding a possible OPEC production cut is starting to die down and therefore people are returning to reality where that means there will be a massive oversupply in the market.

On Tuesday afternoon, both major benchmarks, West Texas Intermediate and Brent, are trading down by roughly 5% following a horrible day for crude on Monday, when the price of crude slumped as much as 8% during trading. At around 2:40 p.m. GMT (9:40 a.m ET) WTI is trading at $29.98, while Brent is down to $32.43 per barrel — at one week lows.

Here's how the world's most important commodity is performing right now:

Stocks across Europe have not reacted well to the renewed oil slide, with all the continent's major indexes hit by losses. Both the CAC 40 in France, and the FTSE MIB in Italy are down more than 2%, while Britain's FTSE 100 has lost 1.72% of its value this morning, and is back below the significant 6,000 point mark.